16th May 2017, Editorial – The Hindu

GS III: Indian Economy and issues relating to planning, mobilisation of resources, growth, development and employment.

When being clever is not enough.

Allocation of resources does not determine economic fate.

  • Experts say many countries lagging behind in prosperity and technological advancement are mostly lacking entrepreneurial spirit.
  • However economist William J. Baumol in his paper ‘Entrepreneurship: Productive,Unproductive and Destructive’ argued that just because a country maybe advanced does not mean it will lead to prosperity.

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